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US SEC sues crypto exchange Kraken over failure to register

Economic Times

Economic Times · 1y ago

US SEC sues crypto exchange Kraken over failure to register

The US Securities and Exchange Commission (SEC) has filed a lawsuit against cryptocurrency exchange Kraken for failing to register as a national securities exchange. The SEC alleges that Kraken has been facilitating digital asset transactions that qualify as securities without obtaining the necessary approval. The lawsuit could potentially have significant implications for the cryptocurrency industry as it raises questions about the regulatory compliance of exchanges.

Related News

Big battles loom in SEC’s war on crypto

Livemint

Livemint · 1y ago

Big battles loom in SEC’s war on crypto

The Securities and Exchange Commission (SEC) is engaged in several major court battles that will shape the regulation of cryptocurrencies. Coinbase, the largest US crypto exchange, is set to ask for the dismissal of the SEC's lawsuit in January 2024. Other key players in the industry, such as Binance and Kraken, are also facing legal challenges. SEC Chair Gary Gensler contends that most crypto products are securities and fall under the agency's regulation. The outcome of these cases is expected to have a significant impact on the future regulation of cryptocurrencies.

Binance Is Like a Grocery Store Selling Oranges and SEC Should Leave It Alone, Says Crypto Lobby Group

Startup News FYI

Startup News FYI · 1y ago

Binance Is Like a Grocery Store Selling Oranges and SEC Should Leave It Alone, Says Crypto Lobby Group

The US Chamber of Digital Commerce is supporting Binance in its legal battle against the US Securities and Exchange Commission (SEC). The Chamber filed an amicus brief arguing that the SEC's lawsuit against Binance is misguided and the regulator is stifling innovation and driving crypto startups out of the US. The group claims that tokens are not securities and the platforms where they are traded are not securities exchanges. The SEC has been cracking down on various digital asset companies, including Binance, Coinbase, and Kraken, for alleged securities violations.

US SEC unveils task force to start work on crypto regulations

Economic Times

Economic Times · 7m ago

US SEC unveils task force to start work on crypto regulations

The US Securities and Exchange Commission (SEC) has created a task force to develop a regulatory framework for crypto assets, marking a significant policy shift under President Donald Trump's administration. Led by Commissioner Mark Uyeda and Commissioner Hester Peirce, the task force aims to establish clear regulatory guidelines, offer pathways to registration, and craft sensible disclosure frameworks. The move, welcomed by industry figures such as Kraken and Coinbase, signals a new crypto-friendly approach, shifting away from previous enforcement-focused strategies.

SEC Cracks Down on Another Crypto Lender With $3 Million In Fines

Startup News FYI

Startup News FYI · 1y ago

SEC Cracks Down on Another Crypto Lender With $3 Million In Fines

The U.S. Securities and Exchange Commission has charged TradeStation Crypto, a Florida-based crypto brokerage firm, for failing to register a crypto lending product. TradeStation has agreed to settle the case by paying $3 million in fines ($1.5 million to the SEC and $1.5 million at the state level). The SEC claims that TradeStation offered and sold the crypto lending product as a security without appropriate registration. TradeStation voluntarily stopped offering the product in 2022.

Aussie regulator wins case against Kraken crypto exchange operator on distribution flaws

Economic Times

Economic Times · 1y ago

Aussie regulator wins case against Kraken crypto exchange operator on distribution flaws

Australia's Federal Court has ruled that Bit Trade, the operator of the Kraken crypto exchange in Australia, failed to comply with design and distribution obligations for its margin trading product. The Australian Securities and Investments Commission (ASIC) had initiated civil proceedings against Bit Trade, alleging that the company had not made a target market determination before offering the product to customers. This ruling serves as a reminder of the importance of compliance for the crypto industry. ASIC will seek financial penalties against Bit Trade at a later date. In November 2023, the U.S. SEC also sued Kraken for operating as a securities exchange without registration.

Crypto.com sues US SEC after receiving legal threat from regulator

Economic Times

Economic Times · 10m ago

Crypto.com sues US SEC after receiving legal threat from regulator

- Crypto.com has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC), claiming the agency is overstepping its jurisdiction in regulating the cryptocurrency industry. - The lawsuit comes after Crypto.com received a Wells notice from the SEC, indicating that the regulator's staff intend to recommend an enforcement action, as tokens traded on its platform are deemed securities. - Several crypto companies, including Robinhood, Coinbase, and OpenSea, have also received similar notices from the SEC, leading to accusations of overreach from the industry. - The lawsuit argues that the SEC has expanded its jurisdiction beyond statutory limits and imposed an unlawful rule that considers nearly all crypto assets as securities. - Additionally, Crypto.com has filed a petition with the Commodity Futures Trading Commission (CFTC) and the SEC, seeking clarification that certain cryptocurrency derivative products fall under the exclusive regulation of the CFTC.

Kraken Launches Kraken Prime Brokerage and Backs Rails Hybrid Exchange in $14 Million Funding Round | DeepNewz VC

deepnewz

deepnewz · 2m ago

Kraken Launches Kraken Prime Brokerage and Backs Rails Hybrid Exchange in $14 Million Funding Round | DeepNewz VC

Self-custodial crypto exchange Rails.xyz successfully raised $14 million in a funding round, with significant contributions from Kraken Ventures, Slow Ventures, CMCC Global, Quantstamp, and R13 Ventures.

The SEC is sick of Elon Musk’s attempts to delay its Twitter investigation

The Verge

The Verge · 1y ago

The SEC is sick of Elon Musk’s attempts to delay its Twitter investigation

The US Securities and Exchange Commission (SEC) has accused Elon Musk of attempting to delay their investigation into his acquisition of Twitter, claiming he has "misrepresented" the scope of the investigation. The SEC has been investigating Musk since 2022 over his failure to disclose a substantial stake in Twitter before initiating his acquisition. Musk has fought against testifying to the SEC and accused them of "harassment". A federal judge previously ordered him to cooperate in the investigation, but the testimony has yet to take place. The SEC now alleges that Musk is using delay tactics to hinder the investigation.

Binance copped a $4 billion plea but is still fighting the SEC

Livemint

Livemint · 1y ago

Binance copped a $4 billion plea but is still fighting the SEC

The article discusses how cryptocurrency exchange Binance reached a $4.3 billion legal resolution with the US Justice Department and the Treasury Department, but the Securities and Exchange Commission (SEC) was not involved in the settlement talks. The SEC has its own legal case against Binance and has been a strict regulator in the crypto world. Settling with the SEC could have required Binance to close most of its US trading business. Binance chose to fight the SEC in court because winning the case would collapse the SEC's claims. The guilty plea and CEO's resignation allow Binance to continue operating, albeit with regulatory oversight.

Coinbase's second-quarter revenue surges on crypto trading revival

Economic Times

Economic Times · 1y ago

Coinbase's second-quarter revenue surges on crypto trading revival

Crypto exchange Coinbase reported a surge in revenue in the second quarter thanks to increased trading volumes and market enthusiasm over regulatory advancements. The approval of a bitcoin exchange-traded fund by the US SEC and entry of traditional financial players into the crypto industry has boosted the market. Coinbase's total transaction revenue reached $780.9 million in Q2, compared to $327.1 million the previous year. The exchange also saw growth in its subscription and services unit, driven by stablecoin revenue and custodial fee revenue. The company's net revenue for the quarter was $1.38 billion.

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